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Pinnacle launches new VC fund
Pinnacle Capital launched a venture capital fund targeting growth-stage companies and secondary prospects in the Kingdom, according to a LinkedIn announcement. It will invest through both primary funding rounds and secondary transactions. The fund’s size and participating investors haven’t been announced yet.
Where will the money go? The strategy aims to provide growth capital to Saudi technology firms while supporting greater liquidity and secondary-market activity within the Kingdom’s venture ecosystem, Wamda reports. The fund will focus on technology companies in fintech, housing, mobility, real estate, urban services, e-commerce, health, and lifestyle.
REMEMBER- The Kingdom’s fundraising momentum has been recovering over the past couple of months. Growth Catalyst Investment Management’s Growth Catalyst Fund secured SAR 360 mn in June to invest in firms across the Kingdom, and SVC has poured funds into Khwarizmi Ventures’ Khwarizmi Venture Capital Fund 2 to target seed-to-Series A startups across the GCC. MasnaVentures has also announced its intention to raise USD 100 mn from US and Saudi investors to help defense tech firms localize manufacturing.
More financing for Diriyah
Diriyah secured a SAR 2 bn financing agreement with Arab National Bank (ANB), according to a LinkedIn announcement. The funding aims to support the development of internationally branded residences across the Diriyah and Wadi Safae masterplans. It also aims to expand its portfolio of residential and hospitality projects and transform the Diriyah area into a cultural, tourism, hospitality, and residential destination centered on At-Turaif.
REMEMBER- The company will need this capital to fund its pipeline, having previously inked a SAR 3.1 bn (USD 827 mn) joint development agreement with Midad Development and Real Estate Investment for a new Four Seasons Hotel and Private Residences in Diriyah. The project pushed Diriyah’s total contracts awarded to over USD 27 bn.
